Many California basketball fans are familiar with the name Christian Laettner. Now 47 years old, Laettner is a former basketball star who played for Duke. He recently made headlines as he tried to fight an involuntary bankruptcy case. He was successful in that endeavor when he recently settled on a repayment plan that may keep him out of personal bankruptcy.
After his career in the NBA, Laettner went on to try his hand at real estate development. Returning to the area surrounding Duke University, Laettner participated in several development projects, one of which recently sold for approximately $187 million. The sale was completed a few months after Laettner was facing involuntary bankruptcy proceedings.
That process was the result of creditors seeking recovery of various debts. In some cases, Laettner's former team mates sued him for money they had lent or invested in his business dealings. Other creditors also pursued him for different types of debts. When his recent development project was a success, Laettner and his creditors were able to work out a $10 million deal to satisfy his outstanding financial obligations.
That move kept Laettner from involuntary personal bankruptcy, which he has made every effort to avoid. It is unclear whether the deal will put an end to all of his financial troubles or if he will continue to be pursued for other debts. Unfortunately, many California residents are unable to resolve their financial difficulties no matter how hard they try. In such cases, personal bankruptcy is often a financial tool that should be sought instead of avoided.
Source: charlotteobserver.com, "Former Duke player Laettner reaches deal with creditors to avoid bankruptcy", Anne Blythe, Sept. 20, 2016